Fleet News

Reg Vardy records profit fall

DEALERSHIP group Reg Vardy has announced a fall in profits and turnover, mainly caused by plummeting residual values as investigations into car pricing sowed uncertainty and confusion in the new and used car markets last year. Turnover fell to £656 million in the six months to October 31, 2000, compared to £667 million for the same period in 1999, while pre-tax profits were down to £9 million (1999: £14.5 million).

Chairman Peter Vardy also revealed Vardy Contract Motoring is delaying the launch of some new products until the market is more stable and has set aside £1.6 million to offset residual value falls on its 5,120-vehicle fleet. The firm has also made provision for £2.6 million in losses on buy-back arrangements for Motability scheme vehicles.

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Login to comment

Comments

No comments have been made yet.

Compare costs of your company cars

Looking to acquire new vehicles? Check how much they'll cost to run with our Car Running Cost calculator.

What is your BIK car tax liability?

The Fleet News car tax calculator lets you work out tax costs for both employer and employee